The o's represent eyes and the '^' is the mouth, basically this is an emote used to show derpiness and quirkiness, or a bird.
Person1: Wanna go to a bannana fight for the penguins?!
Person2: o^o Lolwut
Person1: o^o indeed
Symbol used in internet conversations to denote a mythological being called a Unicorn (aka Uni). It is often believed that Unicorns do not exist or that the acquisition of a Unicorn is impossible, however the reality of experience has shown contrary evidence. Should one be fortunate enough to come across a Unicorn it is important proceed with extreme caution because the path to Unicorn companionship is long and difficult.
I hope to find a (o^o) someday.
Just met (o^o).